Egypt's Financial Regulatory Authority (FRA) has approved the establishment of the Regional Centre for Sustainable Finance to accelerate the shift to a sustainable and green economy.
The centre will set up a research and information database that is required for companies to make decisions on sustainability, reported Amwal Al Ghad.
FRA chairman Dr Mohamed Omran said in a statement that the new centre is one of the regulator's initiatives to achieve the Sustainable Development Goals that have been set by the UN General Assembly for 2030, as well as Egypt’s sustainable development vision 2030.
“The centre will have a regional role to play in the MENA region in the areas of recognising the available investment opportunities for the non-banking sector to finance sustainable, green projects and to develop new financial tools,” Dr Omran said.
The new centre will support African and Arab economic integration, introducing solutions to bridging funding gaps, and motivate small and medium sized enterprises to open new markets under the umbrella of the African Union, especially as Egypt chairs the body currently, he said.